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Old Wednesday, March 04, 2015
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There are two formats used.
one is T-accounts: i.e. Trading and profit and loss account in which you record expenses and incomes and second is balance sheet in which you record assets and liabilities.

Other is financial statements: i.e. Income statement to record the income and expenses and for balance sheet is same.

Before using anyone of these methods you should know which method your company is using.
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